In Greek

Greek labor unions of civil servants and private sector employees marked on Wednesday the European Day of Action, stepping up protests over harsh austerity measures implemented by the government this year to overcome an acute debt crisis.

Greek labour unions of civil servants and private sector employees protest over the harsh austerity measures implemented by the government this year to overcome an acute debt crisis in Athens, capital of Greece, Sept. 29, 2010, to mark the European Day of Action. [Marios Lolos/Xinhua]

Thousands of commuters nationwide suffered, since the subway, trains and buses did not operate for four hours and dockworkers joined the protest with work stoppages at the ports earlier in the morning. Public hospitals across the country run on limited personnel all day due to a 24-hour strike organized by the doctors ' and nurses' unions. 

The European Union (EU) executive Wednesday unveiled a package of legislative proposals to tighen sanctions for repeated budget rule-breakers in a bid to avoid another soverign debt crisis.

To ensure enforcement of the SGP, the Commission proposed that a "reverse voting mechanism" will be applied when imposing sanctions to budget rule-breakers. That means the Commission's proposal for a sanction will be considered adopted unless it is turned down by EU ministers by qualified majority.

The Commission also prosposed that debt level of EU member states will also be closely followed when it passes the thrashhold of 60 percent of the gross domestic product (GDP). 

France

France's deficit in 2011 is expected to amount to 92 billion euros (125.4 billion U.S. dollars) with a reduction of 60 billion euros from the forecasted 2010 base, according to the state 2011 budget plan draft announced on Wednesday.

In order to comply with the European safe line of public deficit, the French government is targeting 2.5-percent GDP growth in 2012 and 2013, with the public deficit to GDP ratio dropping to 4.6 percent and 3 percent respectively.

Portuguese

The Portuguese prime-minister Jose Socrates announced on Wednesday new measures in order to take the country from the group of fragile economies that are vulnerable to speculative attacks.

On the spending measures, the new decisions include reduction of 5 percent in average of the public sector wages -- up to 10 percent on the higher ones, no new workers in the public sector, reduction of subsidies to public companies, closing services and public companies, and a 20 percent cut on spending on vehicles owned by the state.